Risk Management as a Success Factor in the International Activity of Spanish Engineering

Abstract

During the period between 2008-2013, the internal market in Spain was characterized by economic crisis, the contraction of the demand experienced in a turbulent business environment, and strong competition among companies. This situation forced many of these companies to work abroad. One of the success factors for Spanish engineering companies abroad has been effective risk management, which avoids compromising the company's objectives, market share, or survival. This article examines the importance of risk management in the success of Spanish engineering consulting firms in the international construction market. Ten executives of Spanish engineering companies with international experience were interviewed, analyzing the importance of risk management for them in the success of internationalization compared with other success factors. The results show that the size of the companies interviewed has no influence on the importance that they gave to risk management, but international experience does relate to the assessment of risk identification and management as a success factor. In addition, companies considered risk management a key factor for optimizing their performance in foreign markets.

Project Managers as Knowledge Workers: Competencies for Effective Project Management in Developing Countries

“…It is notable however that there are some differences found in our findings compared to similar studies in the literature. Specifically, competencies such as technical skills (Murch 2001), financial management (Michalski et al 2018), organizational governance (Kalodimos 2017) and risk management (García-Piqueres et al 2019;Lozano-Torró et al 2019; Klakegg 2016) were ranked as very relevant for effective PM. These disparities are understandable since these studies were conducted in contexts different from ours (DCs).…”

“…He stressed that it even becomes more relevant when managing construction projects, because these kinds of projects are usually more technical and complex in nature; requiring enough engineering knowledge and the application of scientific principles. Nonetheless, on a relatively different note, other authors have suggested competencies such as financial management (Michalski et al 2018), organizational governance (Kalodimos 2017) and risk management (García-Piqueres et al 2019;Lozano-Torró et al 2019; Klakegg 2016) as relevant for effective PM.…”

Well-being in the work environment as foundation to achieve sustainable development goal

“…One of the significant questions within the scientific debate is risk culture and risk-awareness as they are both providing a positive input to the success and sustainability of the organization. The evidence was proven by several researchers [7][8][9].…”

The impact of the institutional environment of the host country on the perception of compliance risk of the international engineering contractor: the moderating effect of absorptive capacity

“…Compared with the national market, international projects involve more risks, because they take place in environments characterized by political, economic, social, legal and cultural differences that will affect the performance of engineering companies (Lozano-Torr o et al, 2019). With the increasing attention to noncompliance in the construction industry (Le et al, 2014;Owusu et al, 2019;Yap et al, 2020), this study developed a theoretical model to study how the host country's institutional environments affects the PCRs of international contractors with different degrees/ levels of AC.…”